Tag Archives: small business tools

Business Model or Business Plan? You Need Both!

Credit: Plan-too

Credit: Plan-too

 

As a startup entrepreneur, you’ve likely heard and seen the terms “business model” and “business plan” in conversation and online.

 

While they sound nearly the same, they’re distinctive in their structures and purposes. When used together, they can help you keep your small business focused and on the path to success.

 

The Big Picture View: Your Business Model Canvas

A business model canvas is a one-page diagram of the essential components your business needs.

A business model should answer important questions, such as:

  • Who are your customers?
  • What do those customers expect and what do they value?
  • What is your value proposition? What problem are  you solving?
  • How will your business make money?
  • How do you intend to deliver value to your customers while making a profit?

It should also identify:

  • Customer segments
  • Customer channels
  • Revenue streams
  • Key vendors and partners
  • Cost structure
  • Value proposition
  • Resources
  • Key activities

 

The Roadmap For Staying On Course: Your Business Plan

A business plan is meant to help you navigate to where you want to go in your business. As important as it is for starting a business, it’s also a valuable tool for managing and growing a business.

A business plan includes:

  • Your business opportunity
  • Your products and services
  • Your marketing strategies
  • Your financial projections
  • Your staffing needs

In relation to your business model, a business plan defines how you intend to operate your business. The length of your business plan can vary—it just depends on the size and complexity of your business and the depth of information investors ask for.

 

Together, a Business Model Canvas and Business Plan Provide a Strong Foundation to Build Your Business

Having a business model canvas and a business plan can help you operate your company with purpose so you stay on track to accomplish your objectives. If you have one without the other, you might put time, effort, and money toward resources and initiatives that won’t sustain or grow your business. And when you do that, you risk missing out on opportunities, falling short of goals, and losing morale.

If you’re worried about the time it takes to develop a business model and business plan, relax. You don’t have to tackle them in one fell swoop. Work on them in smaller bits and pieces and set aside time on your schedule for them. To help you structure your business model and think through your business plan, consider using the Business Model Canvas. Also, explore the various business plan templates and software available online.

And remember, our SCORE mentors have experience in helping small businesses of all types start and run their companies. Contact us today to schedule a free mentoring session. We’re here to provide you with expert guidance as you work on your business model and business plan.

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Mobile Apps: Small Business Owners, Don’t Leave the Office Without Them!

Managing time – and finding enough of it – stands as one of the biggest challenges small business owners face. With the demands of running all aspects of your business, it takes more than just time to accomplish all that you need to do; it also takes tools. Mobile apps can be a life saver for on-the-go entrepreneurs. There’s a plethora of free apps available for both Android and iOS mobile devices to help you take care of business no matter where you are. Best of all, you can turn what might otherwise be wasted time (waiting for a client or standing in line at the local deli) into productive time by having some key apps on hand.

Consider these mobile apps for your business:

Social Media Management Apps
No matter which social networks use in your marketing efforts, there are mobile apps for them. Facebook Pages Manager, Twitter, Linkedin, Google+, Pinterest, and Instagram…all have free apps you can download to your smartphone or tablet. Capabilities vary from app to app, but they all give you the ability to post updates to your social accounts and monitor and interact with the activity of others in your newsfeed.

You might also want to check out Hootsuite and Buffer. Both are social media management tools that enable you to not only post to social networks in real time, but to also schedule future posts.

Blogging Apps
Both WordPress and Blogger enable you to create new blog posts, edit existing posts, upload images to your blog, manage comments, and publish posts directly from your mobile device. From crafting new posts to putting the finish touches on drafts, you can tend to your blog from anywhere.

Note-taking Apps
For capturing ideas and making to do lists, check out Evernote or Microsoft OneNote. Both enable you to create text notes, audio notes, and check lists that you can tag and organize into notebooks for easy reference and retrieval. From within the apps, you can take photos of documents, receipts, post-it notes, etc. to store them electronically and eliminate the clutter of paper in your office.

The beauty of all these apps is that they sync across all the devices you access them from so you can effortlessly and conveniently stay on top of things no matter where you are. It’s a very good reason not to leave the office without them!

What mobile apps have helped you manage your business on the go?

Five Tools No Business Owner Should Go Without

As a business owner, you’re doing all you can to reduce your costs; after all, this is one of the greatest ways to keep more money in your pocket. Whether you run your business from home or a co-working location, technology can help save you time and money.  Here are five social marketing tools to add to your arsenal.

Email Marketing

MailChimp makes it easy to create content with a catchy, streamlined email formatting platform to reach the masses. Allowing business owners to target specific customer lists, you can target your email blasts to those potential customers who aren’t faithful to your brand – yet. MailChimp is a great free option for business with less than 2,000 email subscribers who send less than 12,000 total emails each month. Another great option is Constant Contact, which “wrote the book on Engagement Marketing.” Offering a combination of free, personalized coaching and a unique set of online marketing tools, Constant Contact helps business from start-ups to well-established companies engage with their customers.

Social Media Management

As you’re probably well aware, being active on social media is a great way to get the word out about your company, but if not done properly, your social networking can actually backfire on you. Unfortunately, there are a lot of business owners out there who believe they simply don’t have the time to be as active on Facebook and Twitter to make social media worth their while. Gremln is one tool that makes posting to all of your social media accounts a breeze. Allowing users to schedule posts in advance, you can sit down and get your weeks’ worth of tweets and Facebook posts created, and allow Gremln to take over and post on your behalf at the times you schedule the posts to go live. HootSuite, another popular option, has built a following of over 7 million users through the ability to easily manage multiple social media campaigns from one platform. Ultimately, it will come down to the ease-of-use for either, but Gremln and HootSuite will take your social media strategies to the next level.

Credit Card Reader

No matter the size of your company, unless you have a retail store, there really is no need for your business to deal with cash transactions. Many small business owners have transitioned toward mobile credit card readers to accept payments when they’re meeting customers face-to-face, while implementing an E-commerce system on their websites to process credit card transactions. With Intuit GoPayment, you can choose between paying a monthly fee or a convenience pay-as-you-go pricing structure that charges you a percentage for each sale you make, helping keep more of your money within the company. Square is another great tool allowing users to accept credit cards on the go. Whether you use an Android or iOS smartphone, just plug the Square into your headphone jack and you’re ready to swipe cards and get paid for your products and services.

Tax & Accounting Software

One of the least favorite tasks many business owners are left with is dealing with corporate taxes. While it’s extremely tempting to hire a CPA to do your company’s taxes, that’s an expense you don’t need to pay for. Quicken provides business owners with more than a simple tax return, allowing users to maximize deductions while breaking down your taxes line-by-line. Quicken also provides users with the ability to manage every single business expense, from purchasing new office equipment to mileage reimbursements. Sage 50 is another accounting software package many business owners have already utilized. Built to handle all of your accounting needs, Sage 50 allows users to view multiple files simultaneously, manage cash flow, payments and collections, and reduce errors while deterring fraud thanks to a screen-level security system included with the software.

Temporary Assistance

Sometimes we need additional help, but due to monetary restraints, we aren’t able to hire the full-or part-time help we need. That’s where Odesk comes in; providing you the perfect way to connect with freelancers for any project you need help wrapping up. By posting your job or task for free, Odesk connects business owners with thousands of qualified freelancers from around the globe. However, if you need help with less specialized tasks, TextBroker is another great tool to take advantage of. Requiring its authors to go through an extensive background process, TextBroker allows business owners to request articles to be written for online content, and also allows you to include SEO options to target specific keywords. With five different quality levels of writing to choose from, you can get the help you need while remaining within budget.

Bradley Derringer is a blogger for TechBreach, giving you the latest on all things tech.